Most significantly the authors note, "financing needs related to fixed investment
in particular...contributed to the increase in net loan
demand by euro area enterprises, recording the first
significantly positive contribution since mid-2011". That is,
companies (particularly in Germany and Spain, two of the region's
largest economies) are finally starting to borrow to invest
rather than merely restocking inventories suggesting they expect
better demand for goods and services in future.

However, while actual demand
has improved there are signs of possible trouble ahead with
expectations of future credit demand do appear to be falling
somewhat. Yet the improvement raises the likelihood that Europe
will surprise people positively in 2015 — a prospect that many
had doubted.

There was even more good news
in the survey as demand for credit to fund house purchases beat
expectations. In the last three months of 2014 demand for housing
loans rose 24%, markedly above its historical average, driven
predominately by perceived housing market prospects: